Soaring oil prices spark fear of global recession

• Fears of a global recession have emerged due to soaring prices, exacerbated by the conflict in the Middle East.
• Larry Fink, CEO of BlackRock, has predicted a global recession if oil prices reach $150 a barrel, citing "profound implications" should Iran remain a threat.
• UK Chancellor Rachel Reeves warned that the US-Israel war against Iran could lead to "significant" economic challenges for Britons.
• Ms Reeves indicated that the government would not offer universal support for rising energy bills, opting instead for targeted assistance for those most in need.
• Her approach has drawn criticism, as the Middle East crisis is expected to push up oil, gas, and other goods prices, with average annual household energy bills predicted to rise by £332 by July.